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Building a sustainable Anti-Money Laundering compliance program

How to craft a stable, ongoing approach to fighting bank financial crime.

Overview

To meet Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) requirements, many banks pursued resource-intensive look-back or remediation efforts—efforts that frequently forced “business as usual” work into the back seat.

Many of these efforts are drawing to an end as Matters Requiring Immediate Attention (MRIAs) and Matters Requiring Attention (MRAs) are closed. But the issues of security, money laundering and fraud continue, and banks may want to take steps to keep on top of these concerns.

Our report highlights six areas that can form the nucleus of an effective, sustainable program for addressing AML and BSA requirements on an ongoing basis.

Financial institutions are encouraged to engage in continuous improvement to position themselves to meet emerging AML trends and challenges.

Look-back and remediation projects may be fading into the background, but BSA/AML regulation work can now pivot toward future orientation and continuous improvement. Banks can move on from stop-gap measures and corrections around fraud and financial crime, and drive toward proactive efforts to anticipate, manage and minimize fraud and financial crime.

Leveraging industry best practices to carve out key components of a solid BSA/AML plan can effectively guide banks into the future.

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